Washington: The United States has introduced a temporary exemption allowing several countries to purchase Russian oil currently stuck at sea, a move aimed at stabilising global energy markets as oil prices climb due to ongoing geopolitical tensions.
The decision by the administration of Donald Trump comes amid continued uncertainty linked to the conflict involving Iran and rising concerns over disruptions to global energy supplies.
According to the United States Department of the Treasury, the measure permits nations to buy shipments of Russian crude that are already in transit. The step is intended to prevent supply shortages while avoiding long-term benefits to Russia.
Similar waiver earlier granted to India
Earlier this month, the U.S. had issued a 30-day exemption allowing India to continue purchasing Russian crude despite existing sanctions linked to the war in Ukraine.
Officials said the temporary relaxation was introduced to ease pressure on global oil prices, which have surged since the outbreak of the latest conflict on February 28.
U.S. Treasury Secretary Scott Bessent stated that the step was narrowly designed to deal only with cargoes already travelling by sea.
“This measure applies strictly to oil already in transit and will not significantly benefit the Russian government financially,” he said in a post on social media.
Move aimed at stabilising energy markets
The waiver is part of Washington’s broader strategy to maintain stability in global energy supplies while addressing security concerns related to Iran.
Officials emphasised that the authorisation is temporary and does not represent a broader easing of sanctions against Russia.
The U.S. administration also highlighted that increased domestic energy production has helped cushion the impact of rising oil prices, adding that the current spike is expected to be a short-term disruption.
Energy analysts say the decision could provide some relief to international markets by ensuring additional supply reaches buyers already waiting for shipments, even as geopolitical tensions continue to influence oil prices worldwide.
